Reverse Mortgage Presentation

Presented By:Constance Griggs

Elite Mortgage & Financial Services

Working In Conjunction With Susan Wang

From AARP

“2” Questions to ask yourself

Are you planning to stay in your home?

Would having more money improve your quality of life and give you peace of mind?

Today’s Agenda What is a Reverse Mortgage “3” Ways to get money out of your

home Issues Seniors Face Today How Reverse Mortgages Work How Safe is a Reverse Mortgage Common uses of a Reverse Mortgage Borrowers Responsibility Why Elite Mortgage Questions & Answers

What is a Reverse Mortgage

A Reverse Mortgage is a unique loan that enables senior homeowners (62+) to convert part of the equity in their homes into tax free income without having to sell the home, give up title, or take on a new monthly mortgage payment.

“3” ways to get money out of your home

Sell your home- Requires you to move Take out a forward loan or a line of

credit against your home- Requires credit and income qualification and requires monthly payments

Get a Reverse Mortgage-You do not have to move, no credit or income qualifications and no repayment required as long as you live in the home

Issues Seniors Face Today

Fixed Incomes Social Security not enough Fear of outliving their incomes Rising costs of healthcare, &

prescriptions Cost of Living (Gas, Groceries, etc.) Unexpected expenses

How Reverse Mortgages Work

Loan against your home-not paid back until one of the following occurs Move, Sell, or Die No Restrictions on how you use your money Benefit determined by the following

1. Age of youngest borrower on title (minimum of 62 years of age)2. Appraised value of home or county lending limit3. Current Index Rate

How can you receive your proceeds/benefit1. Lump sum of cash2. Monthly payments to you3. Leave on a Line of Credit4. Or a combination of the above options

How Safe is a Reverse Mortgage The Home Equity Conversion Mortgage (HECM)

is the safest HUD Mortgage in the United States You can not outlive the loan You can never be forced out of your home as

long as you pay your property taxes, homeowners insurance & maintain the property

You cannot be made to make any payments as long as you live in your home

Guaranteed by U.S. Department of Housing (HUD)

Insured by FHA if Lender Fails 3rd Party Counseling Required/Mandated Asset Protection-Non Recourse Loan

Common Uses of a Reverse Mortgage

Pay off existing debt (mortgage, credit cards, etc.)

Supplement monthly income Healthcare cost and prescriptions Remodeling, home repair, or maintenance Funds for In Home care Recreational trips, cruises, vacations, etc Purchase new vehicle, RV Create cash reserve ( emergencies)

Borrower’s Responsibility

Keep property taxes current Maintain homeowners insurance Maintain property in good

condition

Questions & Answers

No obligation Benefits Request Form Name_____________________ Date of Birth_______________ Name_____________________ Date of Birth_______________ Property Address:_________________________________________ City:__________________________ Zip:______________________ Phone: (______) ________________ Cell: (____)_______________ Do you have a current Mortgage Yes / No Estimated Value of Home: ___________________ Best time for us to call you AM / PM

Your request will be processed with in 48 hoursConstance Griggs, VP of Operations (Certified Reverse Mortgage Consultant)

Irene Langenberg, Community Outreach (Coordinating Reverse Mortgages)

** See business card for contact information